Q:
Distinguish between Contract for Sale and Deed.

1. Distinction between Contract for Sale and Deed
a. Contract for Sale – just a contract and contract law applies
i. Not recorded
ii. Enforced by equity, i.e. specific performance applies
iii. Seller retains possession until closing
iv. At closing, seller issues deed and transfers possession
1. Buyer gives money for the conveyance
2. If lender is involved, lender issues mortgage and handles technicalities
3. Lender usually controls the transaction
4. Lawyer that conducts the closing typically represents the lender
b. Deed is the actual conveyance (in the form of a document) given at closing

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